March 3 Plastics Market Forecast

OPEC production cuts and central bank measures pushed international crude oil futures up more than 4% on Monday, reversing an intraday slump to multi-year lows. The April WTI crude oil futures contract rose 1.99 USD, or 4.5%, to settle at 46.75 USD per barrel. May Brent crude oil futures rose 2.23 USD, a gain of 4.5%, to settle at 51.9 USD per barrel.

The market was broadly stable with minor moves yesterday. Linear futures rose, and at the start of the month traders took a wait-and-see stance, mostly adjusting quotations based on supply and demand, with a poor actual trading atmosphere. Downstream follow-through on transactions was weak, and the overall trading atmosphere was quiet. Market reference: quotations in the Qilu Chemical City market declined, Qilu

2100TN00 was quoted at 7,240 yuan/tonne; the Shunde market eased slightly, with Guangzhou 7042 at 6,600-6,650 yuan/tonne excluding tax; quotations in the Shanghai market were consolidated, with Shanghai Petrochemical Q281 at 7,850-7,900 yuan/tonne.

Today's forecast: the market is unlikely to improve for the time being today.

Prices moved within a stable range yesterday. Polypropylene futures rose and the market improved slightly; petrochemical ex-works prices were broadly stable with minor moves. Traders were not aggressive, turned more cautious, and mainly stayed on the sidelines. Downstream factories and logistics gradually resumed operations, and low-priced transactions improved somewhat. Market reference: the Hebei market fluctuated in a narrow range, Hohhot Petrochemical

T30S was quoted at 7,000 yuan/tonne; quotations in the Changzhou market were consolidated, with Yanchang K8003 at 7,650 yuan/tonne; the Beijing market edged down, with Yanshan K7726H at 8,800 yuan/tonne.

Today's forecast: market prices are expected to fluctuate slightly today.

PVC market:

Prices fluctuated slightly yesterday, with traders' selling prices steady to lower. Operating rates at upstream producers edged up, but plant inventories remained high and supply was ample. Downstream operations were recovering slowly, logistics and workers' return to work improved, and market participants became more active. However, it will take time for market demand to expand. Market reference: the Hebei market had a moderate atmosphere and mainly moved with the market, calcium carbide-based

grade 5 material was referenced at around 6,120-6,150 yuan/tonne delivered; quotations in the Guangzhou market were stable, with mainstream ordinary calcium carbide material currently at 6,200-6,220 yuan/tonne; quotations in the Zhengzhou market were adjusted in a narrow range, with mainstream tax-inclusive calcium carbide-based grade 5 currently referenced at around 6,100-6,150 yuan/tonne.

Today's forecast: the market is expected to run steadily today.

Some market prices continued to fall slightly yesterday. With relatively high inventory pressure in the market and poor shipments, the bargaining center for actual deals shifted slightly lower, traders mainly shipped at low levels, and the trading atmosphere was sluggish. Market reference: quotations in the Shantou market fell sharply, Xinghui

118 was quoted at 7,880 yuan/tonne; reference quotations in the Dongguan market moved down, with Zhenjiang Chimei PG33 at 8,780 yuan/tonne.

Today's forecast: the market is expected to stabilize on a weak note today.

ABS market:

Market quotations declined yesterday. Traders were rather pessimistic about the outlook and actively shipped at discounts, with actual deals negotiable; end users were working hard to resume operations; petrochemical plant inventories remained high. Market reference: quotations in the Dongguan market fell across the board, Ningbo Formosa

15E1 was quoted at 9,980 yuan/tonne; quotations in the Shantou market fell sharply, with Jilin Chemical 150 at 9,980 yuan/tonne.

Today's forecast: some market prices are expected to soften today.

The market remained range-bound yesterday. Crude oil fell for consecutive sessions, the two polyester raw materials trended weak, and cost support was moderate, with mainstream bottle chip producers holding quotations steady for now. Trader sentiment was moderate, and they moved with the market. Downstream demand was cautious, industry players watched from the sidelines, and mainly bought on dips. Market reference: water bottle material prices in the East China market were referenced at

6,050-6,150; water bottle material prices in the South China market were referenced at 6,100-6,200 ex-works pickup; water bottle material prices in the North China market were referenced at 6,100-6,200 ex-works pickup.

Today's forecast: the market is expected to fluctuate at low levels today, with limited price movement.

PET scrap recycling

The market ran quietly yesterday. Pressed by low virgin material prices, industry players had a poor mindset, the pace of resuming operations on the floor was slow, market uncertainty remained high, and subsequent dirty bottle recycling volumes are unlikely to increase markedly. More downstream recycled chemical fiber players returned to the market, but affected by unfavorable factors such as labor, operating rates were low and trading was weak. Market reference: white flakes for machine use at imitation large-scale chemical fiber grade in the East China market were at

around 5,250 yuan/tonne.

Today's forecast: the market may consolidate in a narrow range today.

——This article is reprinted from China Packaging Network (pack.cn). Original link: http://news.pack.cn/show-354678.html